A workmen’s compensation policy is a commercial insurance policy that covers the legal liability of an employer under the Workmen Compensation Act of India, which is monitored by the Ministry of Labour & Employment.
Labourers have the highest probability of injuries or death on the worksite for which this policy provides compensation.
Workmen or employees are the most valuable assets of any company. The responsibility to provide them with a safe working environment lies with the employer. This is where workmen compensation or employee compensation policy comes into the picture.
The below infographic explains the importance of this policy brought to you by SecureNow
Benefits of the Workmen Compensation Policy
The Workmen’s Compensation Policy protects the interest of the workers under the Workmen Compensation Act of 1923. The policy holds the main employer or contractor financially responsible to pay compensation to employees involved in a mishap at the workplace.
The compensation amount is decreed by the Workers Courts on a case-to-case basis. The fact that there is no upper limit on the liability, necessitates the need for Workmen compensation insurance or Workers Compensation Policy.
How SecureNow can help you?
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About The Author
Rahul Kumar
MBA Finance
With a wealth of experience in the insurance industry, Rahul is a seasoned writer specializing in articles related to workmen compensation policies (WC policies) for SecureNow. With 12 years of experience in the field, he has acquired in-depth knowledge and expertise in workmen compensation insurance, understanding its complexities and nuances. Their insightful articles provide valuable insights into the importance of WC policies for businesses and employees alike, offering practical advice and guidance on navigating the intricacies of insurance coverage. Trust him to deliver informative and engaging content, backed by years of experience and a passion for educating readers about insurance-related topics.
